Gold Elliott Wave technical analysis [Video]
|Gold Elliott Wave analysis
Gold is still within the bearish correction that started in late October when it reached a fresh record high. After hitting 2530 in November 2024, the commodity bounced sharply and then went sideways. However, from the Elliott wave perspective, it appears the bearish corrective cycle from late October will extend lower especially if the commodity breaches 2582 (December low).
Gold daily chart analysis
On the daily chart, the trend remains bullish as wave III emerges from 1810 (October 2023 low). Wave III is incomplete yet which means buyers can continue to take long positions from the dip. The current dip from late October 2024 is expected to be wave ((4)) of III. This means there may be one more rally for the larger bullish cycle from September 2022 ($1616) before the price begins a larger correction for the entire cycle. In that case, being a 4th wave, the current pullback should be shallow. Structurally, wave ((4)) appears to be emerging as a double zigzag pattern at the moment. Alternatively, it could be a triangle if prices remain fixed between 1725 and 2538 in the next few weeks.
Gold four-hour chart analysis
The H4 chart prepares for a double zigzag structure for wave ((4)). if this plays out, the price should extend lower in wave C of (Y) below 2580 and 2538 toward 2477-2334 where it may finish wave ((4)) and find fresh bids needed to begin wave ((5)) toward a fresh record high.
Gold Elliott Wave technical analysis [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.